Back in June 2017, Movement Mortgage CEO Casey Crawford purchased First State Bank, a Danville, Virginia-based bank, with hopes of creating an online bank. Now that’s starting to pay off.
In a new interview with the Charlotte Business Journal, Crawford explains that growth for the bank is going to be a “continual process” but many changes have happened already.
Crawford told the Journal that the last year has been about growth.
"It's going to be a continual process," he said in the interview. “We spent about the first year getting our technology in place to make sure we had a relevant offering that worked well, and now we're kind of starting to build up the sales force, build up deposits and really go to market in a more significant, substantial way."
Crawford, who serves as the chairman of Movement Bank, told CBJ’s Caroline Hudson that the bank has expanded its hiring and the goal is to build Movement Bank's assets up to $100 million over the next year. According to the article, the bank has added Tom Smith as its president and CEO and it recently hired Jimmy Molina as a top commercial loan officer and Johnatan Romero as sales manager.
According to the article, Movement Bank is currently offering services in personal banking, business banking and mortgage. The bank's online platform to open accounts is now available and its target markets for growth include Danville, Charlotte, Greensboro, South Carolina, and Virginia Beach, Virginia.
From the article:
"Our plans are to grow in scale over time," Crawford says. "We have seen a dramatic pickup in account openings, and we expect to do some kind of rollouts and some promotions for online account opening."
The goal is to build Movement Bank's assets up to $100 million over the next year or so, he says. Current assets fall between $40 million and $45 million. Crawford himself invested $10 million into the venture.